Joe Biden speech in full: It is time for us to come together as a nation

We don’t have a final declaration of victory yet, but the numbers tell us a clear and convincing story. We are going to win this race.

Just look what has happened since yesterday. Twenty-four hours ago we were behind in Georgia, now we are ahead. We are going to win that state.

Twenty-four hours ago we were behind in Pennsylvania and now we are ahead.

We are winning in Arizona and Nevada.

In fact, our lead just doubled in Nevada. We are on track to gain over 300 electoral votes and look at the national numbers.

We are going to win this race with a clear majority and with the nation behind us.

We have gotten over 74 million votes. Let me repeat that: 74m votes.

That is more than any presidential ticket has ever gotten in the history of the United States of America.

Our vote total is still growing.

"Margin is still growing"

We are beating Donald Trump by over 4m votes - and the margin is still growing as well.

One of the things I am especially proud of is how well we have done across America and we are going to be the first Democratic ticket to win in Arizona in 24 years.

We are going to be the first Democratic ticket to win in Georgia in 28 years and we have rebuilt the blue wall in the country that crumbled just four years ago in Pennsylvania, Michigan, Wisconsin – the heartland of this nation.

I know watching these vote tallies on TV moves very slowly and can be numbing, but never forget the tallies aren’t just numbers, they represent votes and voters.

Men and women who exercise their fundamental right to have their voice heard and what is becoming clear each hour is that record numbers of Americans of all races, faiths, religions, chose change over more of the same and give us a mandate for action on Covid, the economy, climate change and systemic racism.

They made it clear they want the country to come together not continue to pull apart.

"They spoke loudly for our ticket"

The people spoke. More than 74m Americans. They spoke loudly for our ticket and while we are waiting for the final results, I want people to know we are not waiting to get work done and to start the process.

Yesterday, Senator Harris and I had meetings with groups of experts on public health and the economic crisis this country is facing.

The pandemic as you also know is getting worse all across the country. Daily cases are skyrocketing and it is now believed we could see as many as 200,000 cases in a single day. The death toll is approaching 240,000 lives lost to this virus.

That’s 240,000 empty chairs at kitchen tables and dining room tables all across America. We will never be able to measure all that pain and loss and suffering that so many families have experiences.

"You are not alone"

We know something about what it feels like to lose someone. I want you to know you are not alone. Our hearts break with you. I want everyone to know on day one that we are going to put our plan to control this virus into action. We can’t save any of the lives that have been lost, but we can save a lot of lives in the months ahead.

Senator Harris and I also heard yesterday about how recovery is slow because of the failure to get the pandemic under control. More than 20m people are on unemployment. Millions are worried about making rent and putting food on the table. Our economic plan will put a focus on a path to a strong recovery.

We both know tensions are high after a tough election like we have had.

We need to remember we have to remain calm, patient and let the process work out as we count all the votes. We are proving again what we have proved for 244 years in this country. Democracy works. Your vote will be counted. I don’t care how hard people try to stop it. I will not let it happen. People will be heard, our journey is to a more perfect union and it keeps moving on.

"Strong disagreements are inevitable"

In America, we hold strong views and have strong disagreements and that’s OK. Strong disagreements are inevitable and healthy. They are a sign of a vigorous debate and deeply held views, but we have to remember the purpose of our politics isn’t total unrelenting, unending warfare. No, the purpose of our politics, the work of the nation isn’t to fan the flames of conflict, but to solve problems, to guarantee justice and to give everybody a fair shot and improve the lives of our people. We may be opponents but we are not enemies. We are Americans.

No matter who you voted for, I am certain of one thing. The vast majority of 150m Americans who voted want to get the vitriol out of our politics. We are certainly not going to agree on a lot of issues but at least we can agree to be civil with one another. Let’s put the anger and the demonisation behind us.

"I will work hard for those who voted against me"

It is time for us to come together as a nation and to heal. It is not going to be easy, but we have to try. My responsibility as your president will be to represent the whole nation and I want you to know that I will work as hard for those who voted against me as those who voted for me. That’s the job – it is called a duty of care for all Americans.

We have serious problems to deal with – Covid, the economy, racial injustice – we don’t have any more time to waste on partisan warfare.

More than that, we have an incredible opportunity to build the future that we want for our kids and our grandkids.

"I have never been more optimistic about the future of our nation"

I have said many, many times, I have never been more optimistic about the future of this nation. There is no reason we can’t own the 21st Century. We just need to remember who we are.

This is the United States of America and there has never been anything that we have been unable to accomplish and we have done it together.

I hope to be talking to you tomorrow. I thank you all. May God bless you. May God protect our troops.

Jebel Ali Dragons 26 Bahrain 23

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”